A&B ABstract: On January 10, 2020, California Governor Gavin Newsom released his budget summary for 2020 to 2021. Fearing that the Trump administration will further roll back consumer financial protections, Gov. Newsom proposed the California Consumer Financial Protection Law, which would provide the state’s primary financial services regulator with additional authority to enforce consumer protection laws. Discussion In his budget summary for 2020 to 2021 (“Budget”), Gov. Newsom expressed … [Continue reading] about California Governor Moves to Strengthen State Consumer Protection Enforcement in 2020
New York Proposes Guidance for Regulated Virtual Currency Licensees
A&B ABstract Since the New York Department of Financial Services (“NYDFS”) finalized regulations for virtual currency firms in 2015, several regulated virtual currency licensees (“Licensees”) have sought permission to issue new virtual … [Continue reading] about New York Proposes Guidance for Regulated Virtual Currency Licensees
NY DFS unveils Consumer Protection Task Force, adds Former CFPB Deputy Director
A&B ABstract: Less than one month into the new year, New York’s Department of Financial Services (DFS) has taken strong measures to make good on its proclamation that “2020 must be the year of the consumer” by: (1) unveiling a 12-member … [Continue reading] about NY DFS unveils Consumer Protection Task Force, adds Former CFPB Deputy Director
FTC Announces Settlement with Mortgage Broker for Publishing Personal Information about Consumers
A&B ABstract: On January 7, 2020, the Federal Trade Commission (FTC) announced a complaint and settlement against California mortgage broker Mortgage Solutions FCS, doing business as Mount Diablo Lending, and its owner, Ramon Walker, … [Continue reading] about FTC Announces Settlement with Mortgage Broker for Publishing Personal Information about Consumers
Congress Extends Expired Mortgage Insurance Deductions
On December 20, 2019, the President signed into law House Resolution 1865, the Further Consolidated Appropriations Act, 2020, which is now Public Law 116-94. The law extends the deduction for mortgage insurance premiums (“MIP”) retroactive to 2018, … [Continue reading] about Congress Extends Expired Mortgage Insurance Deductions